Santander launches 5% AER fixed rate savings account

Tuesday, 05 July 2011 01:27

Santander has launched a new fixed rate savings account for existing customers offering a return of five per cent.

The Loyalty Fixed Rate Monthly Saver is available to current account holders who have deposited at least £1,000 in the previous three months and to those who switch their main current account to Santander using the bank's transfer service.

Monthly deposits of between £20 and £250 can be added to the Loyalty Fixed Rate Monthly Saver, yielding an Annual Equivalent Rate (AER) of five per cent.

Customers who pay too little or too much in a given month will receive a lower interest rate of 0.10 per cent gross/AER (variable) on the whole savings balance for that month only.

Reza Attar-Zadeh, director of savings and investments at Santander, said: "This offer continues to cement our approach to rewarding loyalty, so that the more business you do with us, the more benefits you will receive."

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